All FINRA, NASDAQ, and NASDAQ BX members that meet the definition of a Reporting Member pursuant to FINRA Rule 7410 and receive and/or handle orders for OATS reportable securities must register for the Order Audit Trail SystemSM (OATSSM). Non-member entities acting as a third party to transmit OATS order information on behalf of a member firm must also register for OATS.
On September 28, 2005 the SEC approved amendments to the OATS Rules (see Notice to Members 05-78). These amendments contain a provision that permits FINRA to grant exemptive relief from the OATS reporting requirements for manual orders in certain circumstances. To learn more about the requirements for exemptive relief and to apply for exemption, view our Exemptive Relief from the OATS Reporting Requirements.
For additional information about Registration and OATS reporting, refer to FINRA Rules 7400 through 7470 and Notice to Members 98-33, 98-73, and 99-4.
The OATS Registration and User Entitlement Guide provides all of the necessary information to:
FINRA, NASDAQ or NASDAQ BX member firms with an OATS reporting requirement that fail to perform all required registration activities will not be able to report OATS data; failure to report order information is in violation of FINRA Rules 7450 and 7460 which may be considered to be in violation of FINRA Rule 2010.
OATS Registration and User Entitlement Guide (10/5/11 edition) (PDF 479 KB)
View our archive of past Registration and User Entitlement Guides.